1. The Department of Energy released its weekly report today on U.S. crude oil production and reported that domestic oil output averaged 6.818 million barrels per day for the week ending November 23, which was the highest amount of domestically produced oil since the first week of February 1994, almost 19 years ago (see chart above). As a result of the advanced drilling technologies (hydraulic fracking and horizontal drilling) that starting unlocking previously inaccessible shale oil, U.S. oil production started increasing in 2009 and reversed a multi-decade decline in domestic oil output that started in the mid-1980s. Since the shale oil revolution started four years ago, U.S. oil output has increased by 36%, from about 5 million barrels per day in early 2009 to the current level of 6.818 million barrels per day.
2. Net oil imports fell below 40% in October, bringing the year-to-date average down to 41.4%, which is the lowest level for net oil imports since 1992 when imports accounted for 40.7% share of U.S. consumption, twenty years ago (see chart above, EIA data here).
3. The oil and gas industry has been adding an average of 70 new jobs to the U.S. economy every day for the last two years, bringing total employment in oil and gas drilling activities to more than 195,000 in recent months, the highest payroll level since 1988 for oil and gas extraction jobs (see chart above).
4. The Association of American Railroads reported today that shipments of petroleum products by rail increased by 63.6% for the week ending November 24 and by 44.7% year-to-date, both versus the same periods last year.
5. North Dakota continues to boast ten counties with jobless rates below 2% in October, mostly in the oil-rich region in the western part of the state, led by Williams County in the heart of the Bakken region at only 0.7% (lowest county jobless rate in the country).
U.S. oil production continues to increase to multi-decade highs almost every week, as advanced drilling technologies access the oceans of shale oil in ”Saudi America.” The shale revolution continues to make the oil and gas industries among the strongest sectors of the U.S. economy, bringing much-needed and high-paying jobs, and general energy prosperity to the shale-rich states like North Dakota, Texas, Oklahoma and Pennsylvania.